Total recoverable oil resources in Guyana hits 11.6 billion barrels, minister says (updated)

Frontera Energy

14/08/2024 21:53

(Add comments and details from briefing from paragraph 3)
    By Kemol King
       GEORGETOWN, Aug 14 (Reuters) - The total estimate of
recoverable oil and gas in Guyana rose to 11.6 billion barrels,
Natural Resources Minister Vickram Bharrat said on Wednesday.
    The figure is up from the more than 11 billion barrels that
has been used since 2022 by an oil production consortium led by
Exxon Mobil.
    Bharrat discounted higher figures released earlier this year
by a research firm, saying in a media briefing that the new
figure represents a "slight increase" from previous forecasts. 
        Winners of a 2023 
    offshore bidding round
     for offshore development blocks are reviewing production
and agreement agreements with the intend to sign, he said.
Bharrat did not say when they expected to conclude the reviews.
  
        An existing license to develop one of its blocks, held
by Canadian firms CGX  OYL.V  and Frontera Energy  FEC.TO , has
expired and no decision has been made to renew it. 
        "There is no license held by CGX presently. However, the
matter is still at the cabinet level for further discussion,"
Bharrat said.   
  
        
  
    
     

 (Reporting by Kemol King in Georgetown; writing by Gary
McWilliams)
 ((Gary.McWilliams@thomsonreuters.com; +1 469-691-7668;))